H4 :
The failure to hold above the KEY PIVOT LEVEL (support cluster) mentioned yesterday triggered a sharp downside breakout which pushed the BTCUSD towards a low so far of 45'750.
The ongoing small recovery has started by a "doji" pattern but once again the upside potential is likely to be pretty limited and should still be seen as a corrective move in a broad bear trend which
is still in place in several time frames !
Levels to watch in this H4 time frames are the following :
R3 : 48'870 **
R2 : 48'275 ***
R1 : 47'679 *
CURRENT LEVEL : 46'599
S1 : 46'500 *
S2 : 45'750 **
S3 : 42'000 ***
DAILY PICTURE
Yesterday's price action triggered a "BEARISH ENGULFING PATTERN" (Long black candle)
In order to neutralise the ongoing bearish move, the BTCUSD should recover at least above 48'900 (TS) and hold sustainably above it (on a daily closing basis !)
WEEKLY PICTURE
Watch the clouds support zone between 46'500 and 37'000
61.8% Fib ret (28'600 - 69'000 rally) is @ 44'032 and the 78.6% @ 37'245
INTRADAY (hourly)
Still in an ongoing downtrend price action; below :
1) the hourly downtrend line resistance
2) the Kijun-Sen or base line
3) the Mid-Bollinger Band
4) the Tenkan-Sen or conversion line (@ 46'805) which should be seen as the pivot level on this H1 time frame !
CONCLUSION :
Watch carefully price action in starting from the intraday short term time frames to the daily and weekly time frames.
That will allow you to detect, firstly, early signal of potential tactically recovery in acting accordingly having in mind a countertrend strategy which would imply a strict risk management control (risk/reward ratio !) and secondly
to detect later the "true" strategic trend reversal (ie bullish divergence on daily chart, etc)
ironman8848 & Jean-Pierre Burki
The failure to hold above the KEY PIVOT LEVEL (support cluster) mentioned yesterday triggered a sharp downside breakout which pushed the BTCUSD towards a low so far of 45'750.
The ongoing small recovery has started by a "doji" pattern but once again the upside potential is likely to be pretty limited and should still be seen as a corrective move in a broad bear trend which
is still in place in several time frames !
Levels to watch in this H4 time frames are the following :
R3 : 48'870 **
R2 : 48'275 ***
R1 : 47'679 *
CURRENT LEVEL : 46'599
S1 : 46'500 *
S2 : 45'750 **
S3 : 42'000 ***
DAILY PICTURE
Yesterday's price action triggered a "BEARISH ENGULFING PATTERN" (Long black candle)
In order to neutralise the ongoing bearish move, the BTCUSD should recover at least above 48'900 (TS) and hold sustainably above it (on a daily closing basis !)
WEEKLY PICTURE
Watch the clouds support zone between 46'500 and 37'000
61.8% Fib ret (28'600 - 69'000 rally) is @ 44'032 and the 78.6% @ 37'245
INTRADAY (hourly)
Still in an ongoing downtrend price action; below :
1) the hourly downtrend line resistance
2) the Kijun-Sen or base line
3) the Mid-Bollinger Band
4) the Tenkan-Sen or conversion line (@ 46'805) which should be seen as the pivot level on this H1 time frame !
CONCLUSION :
Watch carefully price action in starting from the intraday short term time frames to the daily and weekly time frames.
That will allow you to detect, firstly, early signal of potential tactically recovery in acting accordingly having in mind a countertrend strategy which would imply a strict risk management control (risk/reward ratio !) and secondly
to detect later the "true" strategic trend reversal (ie bullish divergence on daily chart, etc)
ironman8848 & Jean-Pierre Burki
